QBotix

Solar panels attached and regulated by robots

Description

QBotix seemed like a very promising cleantech startup, so much so that it was able to raise a collective $23.5M in funding. QBotix offered solar panels that were attached and regulated by robots which could track solar light and rotate the panels automatically. The aim was that of reducing systems cost and maximize efficiency and productivity.

Stats

Category

Software and Hardware

Country

United States

Started

In 2010

Closed

By 2015

Number of Founders

One

Name of Founders

Wasiq Bokhari

Number of Employees

Between 11 And 50

Number of Funding Rounds

3

Total Funding Amount

$23.5M

Number of Investors

7

Precise Cause of Failure

Multiple Reasons

Business Outcome

Shut Down

Cause of Failure

QBotix had a useful and innovative product. The two-axis tracker
system they came up with was the first of its kind and it was supposed to be an
upgrade from the one-axis solar trackers present in the market. What happened,
though, was that the technology and the efficiency of their competitors in the
single-axis sector improved so rapidly that it made the traditional product
more cost-effective and optimized than what QBotix came up with.

Adding to that, investors realized that the market acceptance
and adoption of QBotix weren't as fast as they were expecting it to be so
funding started to dwindle. QBotix then tried to license the product and
provide its software for other companies to use, but the move wasn't successful
and they had to lay off their staff and announce the shutdown of their
operations.

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QBotix seemed like a very promising cleantech startup, so much so that it was able to raise a collective $23.5M in funding. QBotix offered solar panels that were attached and regulated by robots which could track solar light and rotate the panels automatically. The aim was that of reducing systems cost and maximize efficiency and productivity.

Cause of Failure

QBotix had a useful and innovative product. The two-axis tracker
system they came up with was the first of its kind and it was supposed to be an
upgrade from the one-axis solar trackers present in the market. What happened,
though, was that the technology and the efficiency of their competitors in the
single-axis sector improved so rapidly that it made the traditional product
more cost-effective and optimized than what QBotix came up with.

Adding to that, investors realized that the market acceptance
and adoption of QBotix weren't as fast as they were expecting it to be so
funding started to dwindle. QBotix then tried to license the product and
provide its software for other companies to use, but the move wasn't successful
and they had to lay off their staff and announce the shutdown of their
operations.